In this review, we are going to take a close look at the binary options brokerage of binary.com. Binary.com is owned and operated by Binary Ltd. In this review, we will explain about this broker, provide a brief history, explain terms and conditions including withdrawal terms, and also tell you if they offer demo accounts. Lastly, our opinion on whether binary.com could be a scam will be provided.
- Wide range of trading options including currencies, commodities, stocks and indices.
- A high amount of binary options trading educational resources.
- Licensed and regulated.
- Does not accept United States traders.
- Has more of a gambling set up instead of a trading platform.
- Slow customer support.
Binary.com Deposit & Withdrawal Methods
Binary.com Broker Information
- Company:Binary Ltd.
- License: MFSA
- Minimum Deposit:$5
- Minimum Withdrawal:
- Minimum Trade:$1
- 30 sec, 60 sec, 90 sec, 2 min, 5 min, 15 min, 30 min, 45 min, 1 hour, End Of Day
- iPhone, iPad, Android
Binary.com was originally Bet On Market. Binary.com is owned by Binary Ltd. Binary.com’s headquarters are located in the British Isles on the Isle of Man and in Malta. Unlike many brokers who are licensed and regulated by trading authorities, binary.com is licensed by lottery and gambling authorities.
Binary.com does show an ample amount of transparency. They offer their services in a wide range of languages including:
- and Portugese
Binary.com has a long history. In 1999, a man by the name of Jean-Yves Sireau started the financial “betting” system of Regent Markets in Hong Kong. In 2000, Regent Markets registered BetOnMarkets which was the forerunner of binary.com. The expansion moved quickly and in 2004, BetOnMarkets obtained a gambling license on the Isle of Man. In 2007, Regent Markets received a United States patent for the financial betting system they developed. In 2011, Regent Markets obtains 2 more patents for a financial speculation system and a computer trading system.
As the client base grew to enormous figures, in 2013 it was decided to re-brand BetOnMarkets to Binary.com. It was meant to take the focus off gambling and put it on trading. The very next year, Regent Markets also re-brands to Binary Ltd.
While binary.com still has the gambling license, they have also been granted an Investment Services License in Malta in 2015. They continue to evolve and improve as clients continue to flock to their site.
Binary.com Terms and Conditions
As with any binary options trading platform, there are a huge list of terms and conditions. Some of the most important ones with binary.com are:
The company has the right to refuse or cancel services if they believe the person is committing illegal acts, if legal authorities contact binary.com about the person, if the company will suffer financial or regulatory disadvantages because of the person’s activities, etc…
The laws of either the Isle of Man, Malta or Costa Rica are the primary jurisdiction.
Customer funds are held in separate accounts.
Clients must give a valid identification, address, and contact email and personal telephone number.
Only 1 account per client.
Dormant accounts can be charged $25 every 6 months.
These are some of the more important terms and conditions, but as an investor, you should read all terms before signing up.
Binary.com Withdrawal Terms
As stated in the Terms and Conditions above, clients must provide valid identification, an address, email and phone. Once that is done, there are a wide range of deposit and withdrawal methods. A person can deposit via bank wire and money transfer and withdrawals take up to 5 working days when deposits are made in this fashion. In the case of credit/debit card of Mastercard or Visa, withdrawals are available in up to 3 working days. With the many forms of eCash deposit methods, withdrawals can take up to 1 working day.
As long as the client provided all the necessary documents and information, withdrawals are no issue.
Binary.com Demo Account
In examining the binary.com website, I cannot find any mention of any type of demo account to test the system. I will say though that binary.com does allow you to view the market fluctuations without depositing money or even opening an account. Binary.com also has a long list of binary trading educational resources.
I will say that if anyone from binary.com is reading this review, demo accounts are a great additive. If you do offer one, it is impossible to find on your website.
Binary.com Scam Watch
I have viewed many reviews, complaints and praises of binary.com. I have discovered an even amount. It is difficult to tell if a review is terrible just because the person lost money because of their bad trading techniques. I notice some who claim that binary.com is using false signals, but we also must realize that this company is regulated by gambling authorities. To take chances of using false signals would be ignorant on Binary Ltds part.
I also found many reviews of quite happy clients.
In my opinion, binary.com is not a scam. They do have a bad reputation of being a gambling system instead of a trading system, but if they keep working on changing that impression, binary.com could become a leader in binary options trading.
Binary.com does also an android app in the Google play-store. From the looks, it is simple to use and is free to download. By having this app, mobile users can make their trades, deposits and withdrawals on the go.